Pinduoduo's 2024 Q2 Performance Strong Revenue Growth and Key Financial Data

TapTechNews August 26th news, Pinduoduo released its second quarter 2024 performance announcement. In this second quarter, Pinduoduo's revenue was 97.06 billion yuan ($13.87 billion), compared to 52.28 billion yuan ($7.51 billion) in the same quarter last year, an 86% year-on-year increase.

TapTechNews sorted out the main financial data as follows:

The adjusted operating profit was 34.99 billion yuan ($5.03 billion), a 139% year-on-year increase;

The net profit attributable to common shareholders of the company was 32.01 billion yuan ($4.58 billion), a 144% year-on-year increase;

The non-GAAP net profit attributable to common shareholders of the company was 34.43 billion yuan ($4.92 billion), a 125% year-on-year increase.

In the second quarter of this year, Pinduoduo's revenue from online marketing services and other services was 49.12 billion yuan ($6.99 billion), an increase of 29% compared to 37.93 billion yuan ($5.43 billion) in the same period last year. The revenue from transaction services in the second quarter was 47.94 billion yuan ($6.87 billion), an increase of 234% compared to 14.35 billion yuan ($2.05 billion) in the same period in 2023.

In addition, in the second quarter of this year, Pinduoduo's sales and marketing expenses were 26.05 billion yuan ($3.73 billion), an increase of 48% from 17.54 billion yuan ($2.51 billion) in the same period in 2023, mainly due to promotional and advertising activities. General and administrative expenses were 18.4 billion yuan ($2.64 billion), an increase of 208% from 6.0 billion yuan ($0.86 billion) in the same period in 2023, mainly due to the increase in employee-related expenses.